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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD-Little Resolved to Begin Week


eliottWaves_eur-usd_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: There are levels just overhead that could produce a sharp EURUSD reversal…the 2/7 close at 1.3396, 2/20 high at 1.3433, and the trendline that extends off of the 2011 and 2013 highs (a little over 1.3450 for the rest of the week). One more high into 1.3400/50 may well finish the sequence from mid-May.

FOREX Trading Strategy: Expecting a top after one more high…watch with USDCHF. A new high in EURUSD that is not confirmed by a new USDCHF low would be a ‘tell.’

LEVELS: 1.3177 1.3245 1.3305 1.3396 1.34331.3485

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.